High level committee meeting directs regulator to submit action plan within two weeks

The meeting of the high level financial sector coordination committee has directed the regulator and related sectors to submit within two weeks an action plan for reforms in the financial sector.

Issuing a statement about the committee’s meeting today, the Ministry of Finance said it was decided to take initiatives to carry out reforms in various legal systems. The meeting of the committee decided to speed up the process of amending the Nepal Rastra Bank Act, the Bank and Financial Institutions Act and the Securities Board of Nepal Act. Similarly, it was decided to review the existing law related to establish digital bank.

The meeting also decided to review the effectiveness of the concessional loan programme based on its study report, launch incentive programmes to bring in remittances through formal channels, and make laws and prepare an action plan to issue remittance bond.

It decided for the related sector to immediately forward policies and procedures to carry out reforms in the issue of reducing cost in the financial mediation.

The meeting decided to make activities of financial sector, stock market and insurance more effective and work in a coordinated way, said the Ministry of Finance.

The related institutions should proactively work to enhance efficacy of regulators, according to the statement. The meeting chaired by Finance Minister Dr Prakash Sharan Mahat was attended by Vice Chairperson of the National Planning Commission, Dr Min Bahadur Shrestha and Governor of the Nepal Rastra Bank Maha Prasad Adhikari among others.